For many companies, this is “open enrollment season,” when employees can update and fine-tune many items in their benefit package for the coming year. Here are four key things to look at.

Dig into your Health Insurance

This is one of the most important (and confusing) benefits in your package. You should receive a summary of your plan’s coverage, so be sure to refer to it to get a handle on your options.

Review your medical history over the past few years. If you’re generally healthy (and expect to stay that way!) you may be comfortable with a higher deductable and lower monthly premiums.

Compare HMO and PPO options. HMOs tend to be less expensive, but they may limit the doctors you’ll be able to visit. PPO plans are more flexible in this area.

Sign up for Life Insurance

Typically employers will pay for a life insurance policy with a benefit equal to your annual salary. If you need additional coverage, most of these plans allow you to increase the benefit at your own expense.

Increase your contributions to your retirement plan

This is the time to crank up your retirement savings by having more deducted from your paycheck for your 401(k). Even adding another ½ percent can make a huge difference in retirement. Also make sure your investment options still reflect the level of risk you’re comfortable with.

Check your beneficiary designations

Last, make sure you have the right people designated as beneficiaries for your 401(k) and your life insurance. Your HR department will have the forms you’ll need in order to change them.

It’s a great feeling to head into the new year knowing you’ve done the right thing in all these areas for you and your family!

Business is personal. And it impacts nearly every aspect of our daily lives. From keeping a household budget to planning for retirement, to getting (and keeping) a job or just putting up with annoying guy in the next cubicle — we've got a lot on our minds, and Personal Interest wants to help you sort it all out. We're bringing together the Denver Post $mart Editor with variety of experts from the local business community. We've asked them to offer tips, advice and general observations aimed at making the business of everyday life a bit easier to manager. Note: The bloggers were selected for their expertise, but their opinions are solely their own. While many operate their own businesses or consulting firms, we are not endorsing or advocating their businesses.